Saudi Arabia-China summit underway; 34 investment agreements signed during Xi’s visit

Saudi Arabia-China summit underway; 34 investment agreements signed during Xi’s visit

Riyadh: The visiting Chinese President Xi Jinping arrived on Thursday Al Yamamah Palace in Riyadh for a meeting with Saudi’s King Salman bin Abdul Aziz and Crown Prince Mohammad bin Salman. Xi was welcomed at the Royal Court in Al Yamamah Palace by the Crown Prince where an official reception was held. On Wednesday, Chinese and Saudi companies signed investment pacts for green hydrogen and solar energy during a a visit of Chinese President Xi Jinping to the kingdom. There were no further details on the energy pacts announced on Saudi state news agency SPA. It said 34 investment agreements in total had been signed, including in other sectors such as information technology, cloud services, transportation, logistics, medical industries, housing and construction. Saudi Arabia is the world’s largest oil exporter, and China its top customer, making their relationship key to the crude market. But both are looking to gradually diversify their energy mix. Saudi Arabia has started work on a large facility for green hydrogen in Neom, a Red Sea city under construction. The green hydrogen, a fuel seen as crucial to the global transition to cleaner energy, will be generated using solar and wind power. “The Kingdom enjoys a